It is unfortunate that HMRC have designated the 31 January as the filing deadline for self-assessment purposes as we are more likely to be adversely affected by extreme weather events at this time of the year.
There are not many businesses that can continue to trade if their premises, equipment or stock have been affected by severe weather, particularly flooding.
How do you manage your cash flow if your business records are destroyed or if you are unable to use stock or equipment ruined by water damage?
Readers affected will take some comfort from a recent announcement by HMRC. They have set up a helpline where you can get practical advice and help on tax issues you may be experiencing as a direct or indirect result of severe weather. HMRC will also:
- agree instalment arrangements where taxpayers are unable to pay as a result of severe weather or flooding
- agree a practical approach when individuals and businesses have lost vital records as a result of severe weather or flooding
- suspend debt collection proceedings for those affected by severe weather or flooding
- cancel penalties when the taxpayer has missed statutory deadlines
The helpline is 0800 904 7900. The line is open seven days a week: Monday to Friday 8am to 8pm, and weekends 8am to 4pm. The line will not be open bank holidays.